PPP Loan Forgiveness. The Buyer shall cause the Company to comply with any requirements of this Agreement, the PPP and any related or applicable laws to effectuate the intention of the parties as set forth in this Section 5.15.
PPP Loan Forgiveness. Evidence satisfactory to show the forgiveness of any PPP Loan in the name of Bxxxxxxx.
PPP Loan Forgiveness. (a) As soon as practicable following the date hereof, the Company shall file with the PPP Lender a Loan Forgiveness Application and use all reasonable efforts to cause the PPP Lender to as soon as practicable to submit such application with the U.S. Small Business Administration. The Company will provide Parent with the opportunity to review and comment on the Loan Forgiveness Application prior to filing it with the PPP Lender and will consider in good faith all comments reasonably proposed by Parent.
PPP Loan Forgiveness. Promptly after the end of the applicable Forgiveness Covered Period for each PPP Loan, but in no event more than three (3) Business Days (or such longer period as agreed by Agent) thereafter, Borrower shall or shall cause the PPP Borrower to (a) submit an application to the PPP Lender in respect of the applicable PPP Loan (or the party servicing the PPP Loan on behalf of the PPP Lender), and to any other party required to receive such application, for loan forgiveness with respect to the Indebtedness in respect of such PPP Loan, in accordance with the requirements of Section 1106 of the CARES Act and (b) deliver (i) written notice to Agent that such application has been submitted to such parties and a copy of such application and (ii) promptly (and in any event no later than two (2) Business Days) upon receipt thereof, (A) written notice of any determination regarding the acceptance or denial (in whole or part) and (B) to the extent applicable, evidence that such Indebtedness has been forgiven.
PPP Loan Forgiveness. Borrowers shall timely file a request for loan forgiveness with respect to the PPP Loan in accordance with the CARES Act and the Small Business Act.
PPP Loan Forgiveness. (a) As soon as practicable following the date hereof, but in any event no later than twenty (20) Business Days after the Company becomes aware of the opening of the PPP Lender’s portal for loan forgiveness purposes, the Company shall cause the PPP Borrower to file with the PPP Lender a PPP Loan Forgiveness Application and request that the PPP Lender submit such application as practicable to the U.S. Small Business Administration (the “SBA”). The Company will provide, and will cause the PPP Borrower to provide, Parent with the opportunity to review and comment on the PPP Loan Forgiveness Application prior to it being filed with the PPP Lender and will consider in good faith all comments proposed by Parent.
PPP Loan Forgiveness. 167. On the Closing Date, upon all conditions set forth in Section 6 (Conditions Precedent to the Obligations of Parent and Merger Sub) and Section 7 (Conditions Precedent to the Obligations of the Company) being satisfied (other than those conditions that by their nature are to be satisfied at the Closing, but subject to the satisfaction or waiver of such conditions) immediately prior to the Effective Time, Parent shall deliver to the Company an aggregate amount in cash equal to the PPP Loan Amount for onward payment by the Company into an escrow account with Silicon Valley Bank (the “PPP Loan Escrow Account”), which account shall be created pursuant to an escrow agreement substantially in the form of Silicon Valley Bank’s form escrow agreement for such matters. Such amount will be treated as a loan from Parent to the Company, which will be immediately due and payable at Parent’s request if the Closing does not occur within 1 Business Day of the date that such funds are paid by Parent to the Company. As soon as reasonably practicable following receipt of the PPP Loan Amount by the Company, the Company shall deliver to Parent evidence that the PPP Loan amount has been deposited to the PPP Loan Escrow Account (the “PPP Loan Escrow Funding”). 168. Parent agrees to, and to cause the Company to, use commercially reasonable efforts to cause the PPP Loan to be forgiven; provided that if the PPP Loan has not been forgiven at least one day before the date on which Parent would need to repay such loan for it not to be recorded as a liability of the Company on September 30, 2021, Parent may take any action necessary to cause the PPP Loan to be repaid from the PPP Loan Escrow Account on or before September 30, 2021. Without prejudice to the generality of the foregoing, Parent agrees to provide prompt notice to the Securityholders’ Representative of any communication received by Parent or the Company from Silicon Valley Bank or the U.S. Small Business Administration in connection with the Company’s PPP Loan forgiveness application and shall permit the Securityholders’ Representative to direct Parent’s or the Company’s response to any such communication (provided that such directions are consistent with applicable Law) and participate in any discussions or negotiations of Parent or the Company with Silicon Valley Bank or the U.S. Small Business Administration.
PPP Loan Forgiveness. No later than five (5) Business Days after the CARES Act Determination Date, the following payment (if any) shall be made, by wire transfer of immediately available funds to the account (or accounts) specified in writing by Purchaser or Seller, as applicable:
PPP Loan Forgiveness. On October 8, 2020, the Company submitted an application for forgiveness of the PPP Loan to Silicon Valley Bank. Following the Closing and until the PPP Escrow Expiration Date, Parent shall, and Parent shall cause the Surviving Company to (i) use their respective Reasonable Efforts to obtain forgiveness for the outstanding principal amount under the PPP Loan as promptly as practicable after the Closing, including by submitting on a timely and complete basis any documents related to the discharge of the PPP Loan that may be requested by Silicon Valley Bank or the SBA and (ii) reasonably cooperate in the event of any audit or inspection by a Governmental Entity in connection with the application for forgiveness of the PPP Loan. Following the Closing and until the PPP Escrow Expiration Date, Parent shall, and Parent shall cause its subsidiaries (including the Surviving Company) to, (i) comply with the terms of the PPP Loan and (ii) not take any action that could reasonably be expected to result in non-forgiveness of the PPP Loan or a determination of the Company’s ineligibility for the PPP Loan.
PPP Loan Forgiveness
